When deciding whether to spend a little more time thinking through your next trade idea, remember the trader on the other side of your last losing trade is doing his homework...with your money in his bank account
Well, if you reason in such categories, then you will always be in a certain sadness, because in the market you will always meet someone who is more successful, faster, smarter, smarter than you, etc. So what? Because in fact I only recognize the development that reflects me yesterday and me today. It makes no sense to compete with someone and strive to outrun everyone and even the market. What's the point of that? It is much more effective to find a working system for yourself, not to be able to process all positions, but to make the maximum number of your trades profitable, that makes sense and allows you to earn. And then I think that it is a bad idea to compare yourself with someone else.
A herd instinct is not a new phenomenon. Especially in trading. There is too much information for investors and traders today and every day it grows and becomes more and more. Very often, we rely on the opinion of others to find out something additional about where we need a solution. When an investor buys a certain stock, we will pay attention to it and follow up as well. This is because we already believe that they are confident in what they are doing and we perceive their decision to be the right one. What to pay attention to, and what to miss - the choice is far from easy. So, how not to be a victim of someone else's opinion? I've identified two ways for you to learn that.
-1. Limit yourself to more sources of information. Give yourself a chance to think things through on your own. Better focus on news that describes the situation as a whole, don't pay attention to the news hot. The media have a strong influence on society and what they want you to believe is something you will believe.
-2. Create your own strategy and stick to it against all odds. Only test it well first. Thanks to this you will learn not to believe every information, you will stick to your strategy and therefore not to be distracted by someone else's opinion.
Finally, I would like to say that you choose very few sources from which you will get information. Follow your proven trading plan and have your own opinion on any situation that will occur in the market. In this world you have to trust only yourself.
A trader who decides to go to the Internet in search of useful information will have a hard time: its amount will confuse rather than help. Therefore, it is best not to rush and listen to the experienced traders.
Many beginners throw themselves into a fight without knowing anything about the markets. For successful trading you need a solid base: find time to learn the mechanism of the Forex market (or any other exchange where you are going to trade), deal with slang and basic rules. And only then you can learn how to trade successfully and choose a strategy. You can get the information you need from any Forex beginner course or forum.
At first, it is very easy to sink into the flows of new information - and it happens with everyone. To get through this stage more easily, find a mentor (or whatever) and benefit from his experience. One teacher, one technique and put everything else aside until you know exactly what you're doing.
The most important thing to learn for a beginner is to be realistic. Starting to trade even with a hundred thousand in your pocket, don't dream that you'll soon stop working at all. This is a promise only scammers make. A reasonable question: can you make a lot of money in trading? Yes, of course. The potential is endless. But it isn't easy, especially psychologically. Your mind will always trip you up. To hold on, you have to be extremely realistic. People who dream to have it all, usually start playing with too big leverage - and lose.
The Internet is one of the best inventions in human history. And I'm really glad that I was born at that time and in that place, which gives me unlimited access to this wonderful source.
But sometimes its power and size confuses me. I literally can't keep this amount in my head, which I can reach at any time of day or night.
My mistake is that I'm trying to learn as much as possible, although I've repeatedly made sure that it is better to filter information and throw as much out of my mind as possible.
You have to ignore thousands of articles, records, courses and stories about how to change your life.
Only if you throw them away will you be able to focus on a few sources of information, fully understand them and apply the advice provided by the author. Otherwise, it's just a waste of time and a reason for constant breaks in work. That's what happened to me.
As soon as I dive into the abyss of inspiring content, my desire to do something drops to zero. I can't process the information and highlight the most important because there's too much trash around.
So I remind myself about the minimalist approach, which implies that a useless mass of information can be discarded in order to focus on a few things that really matter.
But it works if the information purge is done regularly and rigidly.
When you try to implement this plan, it will be quite difficult to follow the rule without exceptions. And if you let it slacken, it's harder to go back to the regime.